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Friday, March 30, 2012

More Americans Pay Car Loans Before Mortgages

Americans are prioritizing their debt payments by opting to pay their car loans before mortgages and credit cards, according to an analysis by credit reporting bureau TransUnion.  TransUnion analyzed the payment patterns of 4 million consumers who had at least one car loan, bank card, and mortgage payment.

"With unemployment remaining high and real estate values remaining stagnant or further depreciating, consumers continued to pay their credit cards ahead of their mortgages,” says Ezra Becker, vice president of research and consulting in TransUnion’s financial services unit. “However, the importance of their auto loans appears to have trumped even the value they place on their credit cards."  TransUnion found in its analysis: Read More Here: More Americans Pay Car Loans Before Mortgages

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